New law on Short Sales, know your rules and laws Florida. Everybody that deals with short sales here in Florida should read the new law that comes into effect on October 2nd 2008
Here is a link to it
http://www.realestateradiousa.com/landing/shortsalereport.html
I am not sure if Governor Christ is doing the people that are in a Short Sale situation a favor or not.
Most Realtors do not understand the procedure and most home owners don't understand it either, now it is more difficult to get help from an independent company and look at the fines. Homeowners in a distressed situation that can not make their mortgage payments anymore will have a difficult time to find a Broker that is willing to take this risk. We still do Short Sales in our company, but it is getting more difficult by the minute.
Below is an update that I found today
- If you think about buying or selling a house or condo in the Treasure Island Florida or the St. Petersburg Tampabay area, please give me a call.
- Ask me about waterfront homes or condos in St. Pete beach, Treasure Island, Madeira beach, Seminole and St. Petersburg Tampabay neighborhoods.
- Find out what we can do to sell your home or condo and what the value of your property is.
- Check out great real estate deals or visit condo associations like Seminole Isle.
- We also work with Short Sales, bank owned and foreclosures .
- Find a property or go to my website for more real estate information or simply contact us. 727 410 7777
Anne Hensel | Real Estate Broker in Teasure Island St Petersburg
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This law appears to be an attempt to stop fraudulent practices, particularly equity purchasers who are trying to take advantage of homeowners. It seems fairly clear to me, but I need clarifications on a few sections from a real estate attorney. I don't think it will stop or hamper reputable Realtors from helping distressed sellers with short sales.